Monero price analysis reveals that the Monero (XMR) is in a bad bearish grip and the price has fallen from eighty-four dollars ($84.44) to the eighty dollars ($80.344) mark in the past twenty-four hours (24hrs).
Monero price is consolidated between eighty-eight ($88) dollars-acting as the resistance- and seventy-four dollars ($74.50)- acting as the support. The XMR/USD pair has not been doing very well since 23rd June 2019 when it was at one hundred and twenty dollars ($120). XMR price is trading at eighty-one dollars ($81.01) at the time of writing.
Monero price chart by Trading View
The cryptocurrency has thus been on a decline before it came to consolidate between the eight-eight ($88) dollars to seventy-four ($74) dollars range.
The downward trend that Monero has been following turned out to be the result of XMR treading along a head and shoulders pattern turning the tables upside down in the four-hour time frame which could end Monero’s journey at the fifty-eight dollars ($58) mark.
Monero price action facing hard problems
Problems for Monero price action keep rising with a major trend line support being formed at the dip mark of fifty-eight ($58) dollars. While the bad news is that the two hundred (200) day moving average (MA) also lies on the seventy-four dollars ($74.50) support mark. Once this mark breaks, there’s no return for Monero before it goes below the sixty dollars region.
The bulls are currently defending the two hundred (200) moving average (MA) but Monero will prove bearish in the long run while current speculation on the cryptocurrency reveals a bullish outbreak.
XMR will face resistance at the ninety-one dollars ($91) mark but this is nothing compared to the technical resistance mark that comes in at ninety-eight dollars ($98). The four-hour time frame also shows that the fifty (50) day moving average and the closest resistance lie a figure apart- at eighty-seven dollars and eighty-eight dollars respectively.
If the bulls can’t hold above its current support mark, then the XMR community will just have to rely on the seventy-one dollars ($71.20) support mark. However, the support marker at sixty-five dollars ($65) is the one that the traders should be worried about the most.
With the relative strength index still in check- running near forty-eight dollars ($48)- the XMR/USD pair seems to be still in the safe zone. The oversold territory hasn’t yet taken the cryptocurrency under its control.
